Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern below rising channel resistance, taking out support at 0.8154 and exposing an upward-sloping trend line barrier at 0.8100. A further push below that targets the channel bottom at 0.8029. The 0.8154 mark has been recast as near-term resistance.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE